BELFAGEO: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
BELFAGEO
Largest movements
- Receivables within one year -€90,306
down €90,306 (-35.5%), from €254,712 to €164,407
of which Trade receivables: -€77,895
- Cash +€83,505
up €83,505 (+871%), from €9,591 to €93,095
mainly Net result for the year (+€96,521) and Receivables within one year (+€90,306)
- Tangible fixed assets -€51,114
down €51,114 (-35.0%), from €146,055 to €94,941
of which Plant, machinery and equipment: -€34,057
- Deferred charges and accrued income +€10,915
up €10,915 (+41.8%), from €26,103 to €37,018
- Trade debts -€83,961
down €83,961 (-91.2%), from €92,012 to €8,051
- Debts after one year -€38,032
down €38,032 (-46.9%), from €81,029 to €42,997
- Profit (loss) carried forward +€36,521
up €36,521 (+116%), from €31,444 to €67,965
- Other debts +€25,000
up €25,000 (+23.4%), from €106,654 to €131,654
- Tax, wage and social debts +€16,049
up €16,049 (+302%), from €5,318 to €21,368
of which Taxes: +€16,049
- Staff costs -€64,142
no longer reported in 2025 (was €64,142)
- Gross operating margin +€55,332
up €55,332 (+37.2%), from €148,686 to €204,018
- Taxes +€25,535
up €25,535 (+268%), from €9,535 to €35,070
- Other operating charges +€15,748
up €15,748 (+1,729%), from €911 to €16,658
- Depreciation +€9,280
up €9,280 (+22.2%), from €41,834 to €51,114
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €436,461 | €389,461 | -€47,000 | -10.8% |
| Fixed assets | 21/28 | €146,055 | €94,941 | -€51,114 | -35.0% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €146,055 | €94,941 | -€51,114 | -35.0% |
| Plant, machinery and equipment | 23 | €85,736 | €51,678 | -€34,057 | -39.7% |
| Furniture and vehicles | 24 | €60,319 | €43,262 | -€17,057 | -28.3% |
| Current assets | 29/58 | €290,406 | €294,520 | +€4,114 | +1.4% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €254,712 | €164,407 | -€90,306 | -35.5% |
| Trade receivables | 40 | €223,335 | €145,441 | -€77,895 | -34.9% |
| Other amounts receivable | 41 | €31,377 | €18,966 | -€12,411 | -39.6% |
| Cash at bank and in hand | 54/58 | €9,591 | €93,095 | +€83,505 | +871% |
| Deferred charges and accrued income | 490/1 | €26,103 | €37,018 | +€10,915 | +41.8% |
| Total equity and liabilities | 10/49 | €436,461 | €389,461 | -€47,000 | -10.8% |
| Equity | 10/15 | €110,838 | €147,359 | +€36,521 | +32.9% |
| Contributions | 10/11 | €77,533 | €77,533 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €31,444 | €67,965 | +€36,521 | +116% |
| Amounts payable | 17/49 | €325,623 | €242,102 | -€83,521 | -25.6% |
| Amounts payable after more than one year | 17 | €81,029 | €42,997 | -€38,032 | -46.9% |
| Financial debts | 170/4 | €81,029 | €42,997 | -€38,032 | -46.9% |
| Amounts payable within one year | 42/48 | €244,594 | €199,105 | -€45,489 | -18.6% |
| Current portion of amounts payable after more than one year | 42 | €40,609 | €38,032 | -€2,577 | -6.3% |
| Trade debts | 44 | €92,012 | €8,051 | -€83,961 | -91.2% |
| Suppliers | 440/4 | €92,012 | €8,051 | -€83,961 | -91.2% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €5,318 | €21,368 | +€16,049 | +302% |
| Taxes | 450/3 | €5,318 | €21,368 | +€16,049 | +302% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €106,654 | €131,654 | +€25,000 | +23.4% |
| Remuneration, social security and pensions | 62 | €64,142 | - | -€64,142 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,834 | €51,114 | +€9,280 | +22.2% |
| Other operating charges | 640/8 | €911 | €16,658 | +€15,748 | +1,729% |
| Gross operating margin | 9900 | €148,686 | €204,018 | +€55,332 | +37.2% |
| Operating profit (loss) | 9901 | €41,799 | €136,245 | +€94,447 | +226% |
| Financial income | 75/76B | €38 | - | -€38 | |
| Recurring financial income | 75 | €38 | - | -€38 | |
| Financial charges | 65/66B | €5,501 | €4,655 | -€846 | -15.4% |
| Recurring financial charges | 65 | €5,501 | €4,655 | -€846 | -15.4% |
| Profit (loss) for the period before taxes | 9903 | €36,336 | €131,591 | +€95,255 | +262% |
| Income taxes | 67/77 | €9,535 | €35,070 | +€25,535 | +268% |
| Profit (loss) for the period | 9904 | €26,800 | €96,521 | +€69,721 | +260% |
| Profit (loss) for the period to be appropriated | 9905 | €26,800 | €96,521 | +€69,721 | +260% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.